Iran Debt Market to Issue new Islamic Treasuries!
– In an attempt to develop Iran Debt Market further, the chair of Iran’s Securities and Exchange Organization announced new Treasuries are be offered in Iran Fara Bourse soon. According to Shapour Mohammadi there is an outstanding figure of cIRR 160,000 bn worth securities available in the Iran Debt Market now that are to be matured upon the year end. “There a huge potential for new Islamic treasuries in the Iran Debt Market now. Eyeing the budget bill, the administration is allowed to deploy cIRR 300,000 bn new securities into the Iran Capital Market and we are confident to to do as such” he continued. Below table demonstrate the latest status of outstanding ITBs in the Iran Debt Market. Analysts believe that if the new issues happen in a timely fashion and gradually, it could be easily absorbed into market without any dire effects on interest rates.
– SEO’s deputy supervisor of markets and exchanges, Hassan Amiri, announced that they are ready to inaugurate Forex exchange anytime soon. According to Amiri, in proper collaboration with Iran’s Central Bank, SEO is ready to launch Iran’s first foreign exchange fund which allowes the traders to execute FX futures on. One of the major sources of controversies amid foreign investors was in fact their inability to hedge against FX moves and having a structured market for foreign currency trades would be the first step to meet this need.
Stocks Advanced Following Auto Earnings!
In the market
Tehran Stock Exchange continued the second day of week on a positive note as Auto averages climbed to new highs. The mid-weighted Auto sector led the rally following the upbeat earnings reports. TEDPIX (+0.04) finished with modest gain while IFEX (-0.24) remained near its flat line.
IKCO (+4.52%. IRR 2,727) set the stage for today’s performance and the rally followed by almost all the tickers of the sector. The production reports of giant automakers showed relative strength contrary to last year same period. I addition, it seems the effect of massive contracts with foreign partners are now to be reflected in their earnings projections for coming years. Saipa Co. (SIPA1, +1.38%, IRR 1,075) traded for more than 37 mn shares to be next in line with its blue sister IKCO.
Underpinned by their technical resistant levels along with political tensions, the blue-chips of Oil products settled lower than expected today. Despite the global rally of oil price and its future indifference to US massive supply, the ticker of heavy-weighted sector ended mostly in red. Isfahan (PNES1, -1.9%, IRR 3,518), Bandar Abbas (PNBA1, -1.56%, IRR 6,118) and Tehran (PTEH1, -1.45%, IRR 3,672) were the firsts to take TSE major averages down themselves.
Elsewhere in the chemicals space, Persian Gulf Petrochemical (PKLJ1, +0.66%) saved the overall index again and solely stamped 38.83 positive points on TSE. This was despite the fact that nearly all of the industry tikcers ended the day deep in red.
DISCLAIMER: This report has been prepared and issued by Agah Brokerage Firm on the basis of publicly available information, internally developed data and other sources believed to be reliable. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. Agah does not assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions. Any expressions of opinions are subject to change without notice.
To contact reporters: Inter@agah.com